New Delhi, Jun 30 (PTI) Sajjan Jindal-led JSW Steel has recorded its highest-ever crude steel production at 15.80 mt during 2016-17, surpassing earlier guidance. Also Read - Monsoon Session Day 2: Lok Sabha Passes Essential Commodities Bill to Raise Farmer Income, Boost Agri Sector | Highlights
This is 25 per cent more than what the company produced in 2015-16. Also Read - 'Jammu And Kashmir to Reopen For Tourism Soon', Says J&K Administration
The growth has come despite a relatively modest industry and GDP performance, JSW Steel said in its Annual Report 2016 -17. The output is “its highest-ever crude steel production at 15.80 million tonnes during 2016-17, surpassing the guidance of 15.75 mt”. Also Read - COVID-19: Centre Announces Guidelines For Unlock 2, Lockdown Till July 31 in Containment Zones
During 2016-17, it achieved consolidated sales of 14.7 mt, a growth of 20 per cent y-o-y, driven by highest ever export sales of 3.80 mt covering more than 100 countries.
“This achievement comes against the backdrop of a sluggish steel demand growth at 2.6 per cent y-o-y in India,” the company said.
In the first nine months of last year, the firm saw incremental domestic growth on the back of normal monsoon, domestic reforms, improved private consumption, higher automobile demand and better rural offtake.
“However, during the later part of the year, some market segments faced temporary negative consumption shock due to demonetisation of high-denomination currency notes,” it said.
“Against this backdrop, the company strategically enhanced export sales to offset domestic slowdown, with continued focus on enriching the product mix.”
The flagship of over USD 11-billion JSW group, JSW Steel is one of India’s leading integrated steel manufacturers with a capacity of 18 mtpa.
This is published unedited from the PTI feed.